Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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Humana Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
The financial data reveals several notable trends in the composition of liabilities and equity over the analyzed periods.
- Benefits Payable
- This item fluctuates moderately, peaking around the end of 2020 and early 2024 with values exceeding 23% of total liabilities and equity, while showing declines near the third quarters of some years, notably in late 2021 and the first three quarters of 2023.
- Trade Accounts Payable and Accrued Expenses
- These accounts show variable trends without a clear directional movement, generally ranging between approximately 11% and 16%. There is a noticeable dip during the latter part of 2020 and early 2021, with a modest recovery thereafter but trending slightly downward again toward the last period.
- Book Overdraft
- This liability remains relatively low throughout the entire timeframe, consistently under 1%, with minor fluctuations that do not indicate sustained trends.
- Unearned Revenues
- The percentages are mostly under 1%, except for two distinctive spikes occurring in the first quarters of 2022 and 2023, where values unexpectedly jump to around 12-13%. These spikes suggest unusual or one-off events affecting this line item.
- Short-Term Debt
- Short-term debt exhibits variability, generally oscillating between 1.5% and 6%, with higher peaks in the early 2020 periods and somewhat lower, more stable values towards 2024.
- Current Liabilities
- Current liabilities experience fluctuations, typically ranging from about 33% to just under 50%. The highest points occur in the first quarters of 2022 and 2023, indicating periods of increased short-term financial obligations, while lower values in late 2021 and mid-2024 denote reduced current liability proportions.
- Long-Term Debt
- Long-term debt shows an upward movement between 2019 and 2021, peaking notably in the third quarter of 2021 around 25%. This is followed by a decline and then renewed strength in late 2023 and the first half of 2024, reflecting changes in the company's long-term financing structure.
- Other Long-Term Liabilities
- These remain relatively stable, mostly hovering between 2.5% and 5.5%, with a slow downward trend noticeable from 2021 onward.
- Total Liabilities
- Total liabilities as a percentage of total liabilities and equity increase overall from about 59% to nearly 70% by late 2023, indicating a rise in leverage. The highest recorded values occur predominantly in the 2023 period, followed by a slight dip mid-2024.
- Common Stock and Capital in Excess of Par Value
- Common stock proportion remains minimal and stable around 0.06% to 0.12%, while capital in excess of par value gradually decreases over time from approximately 9.6% to around 6.9%, reflecting either repurchases, dilution, or changes in equity financing practices.
- Retained Earnings
- Retained earnings show fluctuations mostly between 48% and 60%, with notable decreases around early 2022 and the first three quarters of 2023, but a marked recovery by late 2023 and into 2024. This indicates cycles of profitability and dividend or capital distribution impacts.
- Accumulated Other Comprehensive Income (Loss)
- This item remains negative from early 2022 onward, deteriorating to nearly -3% at its lowest and slightly improving toward mid-2024 but still negative. This suggests recurring losses or unrealized negative adjustments affecting comprehensive income.
- Treasury Stock
- Treasury stock consistently accounts for a significant negative component, ranging approximately from -21% to -29%, with more pronounced negative values coinciding with late 2020, late 2022, and late 2023. This reflects ongoing repurchase activity or holding of treasury shares at considerable cost.
- Stockholders’ Equity and Total Equity
- Equity proportions fluctuate roughly between 29% and 41%, experiencing a downtrend starting 2019, hitting lows in 2023, then partially recovering by mid-2024. This movement corresponds inversely to the rising liability levels, signaling changing capital structure dynamics.
Overall, the data indicates a trend toward increased leverage as liabilities take a larger share relative to equity over the examined timeframe. The spikes in unearned revenues at specific points may represent non-recurring items or timing differences. Equity components show some erosion with corresponding fluctuations in retained earnings and a persistent negative impact from treasury stock cost and other comprehensive income losses, which moderate somewhat in the latest periods. The long-term debt expansion and contraction highlight tactical financing decisions aligning with the fluctuating current liability patterns.